How Fintech is changing the Accounting Industry

How Fintech is changing the Accounting Industry

By Janita Kapoor

Over the years, fintech has found a place across a plethora of companies and industries ranging from start-ups to tech companies to established firms all over the world. The fintech industry has evolved in significant ways leading the transformation of companies towards a more customer-centric business.

Growth of Fintech

Through specialised software and algorithms, fintech helps companies, business owners, and consumers manage their financial operations and processes.

There has been a buzz about the disruptions fintech’s have caused by providing consumers with alternatives to traditional options. However, the tide seems to be turning with established companies realising the potential and necessity of these new technologies. Innovations like blockchain and artificial intelligence are ushering in new ways of doing business and virtually every industry is getting a digital facelift.
The fact that the fintech industry, has been largely resilient despite the pandemic only proves how adaptable it can be.
Even accounting, which has been done largely the same way for so many years, is being reshaped by the fintech revolution.

India at the forefront of fintech revolution

As fintech continues to gain traction, India is at the forefront of this fintech revolution.
With one of the world’s fastest-growing economies, all eyes are on India as it emerges as one of the fastest growing fintech hotspots in recent years.This indicates a positive shift towards fintech and presents a huge growth potential for the industry, with India gearing towards massive adoption.

Fintech & Accounting

The existing accounting software provide a better way to store data and run calculations. What more could accountants want? 

“Time”.

Today’s accountants are busier than ever and face a whole new set of challenges. That’s why the emerging fintech tools are designed to go a step further and help accountants take back their time. 
Cloud accounting, automation, making tax digital, all these digital transformations have already changed the playing field for the accountancy profession and has created huge new possibilities for the businesses they serve. This gives accountants plenty of reason to shed their cautious style and embrace the practices adopted by fintech companies.

Tech development at dot

At dot, we are hugely invested in tech.  With over 20 years of experience in the accounting industry, we have identified that the amount of automation requests, technology and software are endless. Our reluctance to rely on a third-party software has inspired us to create of a piece of software that complements dots’ outsourcing services.

Having worked with so many accountants, we understand the challenges accountants face every day and this is how the idea of dotKris came about, with an aim to connect the dots between outsourcing and technology.

dotKris is just the beginning of the exciting new tech development underway at dot. Our brand new SAAS based software solution is due for launch this year that will help accountants & SMEs with effective reporting tools.

The opportunities for fintech accounting are wide open and how well the accounting practices rise to the new fintech revolution will determine their success in this new world.

If you would like to more about how dot can be your partner in growth, please click the link Contact dot (thedothq.com)